Magnit reports revenue grew 35% in year to date

Russia-based grocery retailer Magnit has reported revenue grew by 35% to RUB164,513 million (USD5.2 million) in the first three quarters of this year ended 30 September. Gross profit amounted to RUB36,688 million (USD1.2 million), up 29.37%. Like-for-like sales grew by 6.78%. During the period, Magnit added 465 net new stores, out of which were 454 supermarkets and neighbourhood stores and 11 hypermarkets.

“On the whole the results are in line with our plans. Positive change of LFL traffic and average ticket and rise of new store opening growth rates increase confidence in targeted sales growth of not less than 36% in Ruble terms at the year-end,” said CEO Sergey Galitskiy.

Planet Retail